To actively implement the high-quality development of the Belt and Road currencies in the interbank FX market and expand the coverage of FX clearing services, Shanghai Clearing House (hereinafter referred to as "SHCH") expanded the currency pairs for RMB/FX transaction CCP clearing service on September 14, 2026. The eligible clearing currencies for spot transactions were expanded to Singapore Dollar (SGD), New Zealand Dollar (NZD) and Thai Baht (THB), further consolidating the multi-currency clearing and promoting the sound development of the interbank FX market.
On the launch day, the business run smoothly. The total clearing volume of the newly added currencies was approximately RMB 996 million, with 62 clearing transactions and all settlements completed. A total of 12 market institutions participated, including Bank of Communications, Industrial and Commercial Bank of China, Bank of China, China Guangfa Bank, Bank of Shanghai, China CITIC Bank, Industrial Bank, Shanghai Pudong Development Bank, Bank of Jiangsu, HSBC Bank (China), Bank of Ningbo and Hangzhou United Bank. The FX settlement banks of the newly added currencies are Bank of China (SGD), Industrial and Commercial Bank of China (NZD), and China CITIC Bank (THB). The backup FX settlement banks are Bank of China (NZD) and Shanghai Pudong Development Bank (SGD, THB). Adding SGD, NZD and THB to the CCP clearing service helps promptly release credit limits of market institutions, invigorate trading, enhance clearing and settlement efficiency, and facilitate centralized risk management for market institutions.
Going forward, as a financial market infrustructure, SHCH will continue to meet the diverse clearing and settlement needs of market institutions, develope multi-layered FX CCP clearing service system, further strengthen the market resilience, and make contribution to high-level opening-up and the high-quality development of the Belt and Road Initiative.
